What do you believe is the single most important factor driving up the cost of living in Nigeria?

According to Tahir, that prompted the establishment of the African Energy Bank, the headquarters would be located in Nigeria.

“Funds are becoming tighter and that was why there was the move to create that African Energy Bank,” said Tahir.

He noted that the creation of the energy bank was a response to European financial institutions becoming reluctant to support oil and gas and talking more about green energy, the environment, governance and social.

“We realised that in Europe, they are limited funding. In fact, there are financial institutions that have pulled out of funding for carbon and fossil fuels. Now African countries are coming together to say, ‘We are looking at the future and if this thing continues, we may find it difficult to find funds; let us create a bank where all oil-producing countries in Africa can deposit funds. If you need to invest here, you will get it.’

“We have been getting funds from Afreximbank. It has been doing well and it is by Africans. Much more will come with the energy bank and it is focused on the development of oil and gas,” he stressed.

• Read More